As the third-party Motor insurance is mandatory for all the vehicles owners, so it becomes a cheer to all the owners of car when IRDAI has proposed reduction on premium for most of the vehicle categories in 2018-19. Insurance Regulatory and Development Authority reworks on the rate of premium every year after taking it into account the number of claims has made and loss ratio for insurers. The IRDAI has planned Rs 1,850 as motor Third Party premium for all the private cars not more than 1,000cc for 2018-19, compared with Rs 2,055 for 2017-18. For two-wheelers insurance not more than 75cc, it is Rs 427 against Rs 569 in the earlier year. The Insurance Regulator had increased on Third Party motor insurance premium by 28% for cars in 1,000-1,500cc and those beyond 1,500cc categories during 2017-18 after planning a 40% hike in rates earlier. Same case goes with two-wheelers in the 150-350cc group, as well as those beyond 350cc. Motor Third Party premium would be cheap for goods carrying three-wheelers and pedal cycles.
You May Also Like:
- Are you managing your car insurance plan rightly?
- Get The Best Car Insurance In India From National Insurance Company
- Why you should not continue the same policy for your car insurance?
- Bundle Car Insurance Plan- Way to Save More
- Top 5 Car Insurance Plans In India That Will Create Sensations In 2016
- 7 Checklist To Buy The Cheapest Car Insurance In India
- Car Insurance Premium Differs Across Different Regions Of India
- Third Party Motor Vehicles Insurance premium becomes cheaper
- Top 5 Car Insurance Companies In 2016 In India
- Digital Driving License & RC Documents Consider as Valid